Why Wasn’t There A Financial Crisis In Canada?

Dave Schuler has a must-read piece over at his own place exploring the interesting question of why Canada didn’t suffer from the same financial crisis the United States did starting in 2008.

Go check it out.

FILED UNDER: Economics and Business, Quick Takes
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010 and contributed a staggering 16,483 posts before his retirement in January 2020.

Comments

  1. tom p says:

    >>>Their responsibilities are to their shareholders, their clients, their bosses, and their families.<<<>> They do not have a primary (or, possibly, any) responsibility for the banking system. <<>>Unless there is specific wrongdoing, not just heedless profit-seeking, to my eye that takes bankers off the hook. <<>>”Being arrogant and feckless is not the same as being culpable.”<<<<

    Only in a lawyers world, only in a lawyers world. Read above Dave, read above.

    ps: this is as far as I got, because I could no longer escape the fact of how naive Dave Schuler has become.(and I thought I was naive)

  2. tom p says:

    Wow, nothing I wrote in response to Dave came thru… WTF????

    Anyway, mix and match:

    Their resonsibilities to their shareholders…

    I read an article where SEVERAL of these brokers who made deals that sank the banks they were working for thought those SAME deals were GOOD deals because they made money (sorry, no link, I forget where)

    “They do not have a primary (or, possibly, any) responsibility for the banking system”

    IN WHAT WORLD DO YOU LIVE IN DAVE???? and yeah, that was at the top of my throat… I mean… jeezuzz Dave, who has been paying HUNDREDS of millions of dollars over the past decade or two to influence the regulatory world they live in? And they are NOT responsible for the MESS THEY made???

    Really????

    “Unless there is specific wrongdoing, not just heedless profit-seeking, to my eye that takes bankers off the hook”

    Geeezzz, If I had rigged the game the way they did, I’d be ridden out of town on a pole, well tarred, well feathered…

    ”Being arrogant and feckless is not the same as being culpable.”

    There oughta be a law, because in the real world, it is culpable.